BREAKING NEWS
Seriously injured 5-year-old Canterbury boy dies ... More soon
Close

BlackBerry loses US$1bn, axes 4500 staff

Last updated 07:49 21/09/2013

Relevant offers

World

Average cost of data breaches now at $5.2 million a year for companies, study says Chinese billionaire's son buys his dog two gold Apple Watches Gina Rinehart is Australia's most powerful woman: Forbes Chinese company NetDragon Websoft office looks like Star Trek spaceship Tech blog spinoff Re/code acquired by Vox Media Products that flopped worse than Coke Life LG's paper-thin curvy, sticky wall-television concept Chaos after Al Ahlia board declares 94 per cent loss Time Warner Cable may be bought by Charter for US$55 billion The cute robot that may eventually take your job

BlackBerry says it will lay off 4500 employees, or 40 per cent of its global workforce, as it reports a nearly US$1 billion (NZ$1.2b) second-quarter loss in a surprise early release of earnings results.

The stock dropped 19 per cent to US$8.50 after reopening for trading. Shares had been halted pending the news.

BlackBerry had been scheduled to release earnings next week. But the Canadian company said late Friday afternoon it expects a loss of about US$950 million to US$995 million for the quarter, including a massive inventory charge due to increasing market competition.

The BlackBerry, pioneered in 1999, was the dominant smartphone for on-the-go business people and other customers before Apple debuted the iPhone in 2007. Since then, BlackBerry Ltd. has been hammered by competition from the iPhone as well as Android-based rivals like Samsung.

Ad Feedback

- AP

Special offers

Featured Promotions

Sponsored Content